Bitcoin Demand Surges as President-Elect Trump Promises Crypto-Friendly Policies

Kristin Smith, CEO of the Blockchain Association, shared on CNBC’s Squawk Box that the growing interest in Bitcoin reflects a shift in attitudes as President-elect Donald Trump prepares to take office.

“People are looking to hold more Bitcoin, not less,” Smith noted during her December 26 interview, emphasizing that Trump’s pro-crypto stance could significantly bolster the industry.

Bitcoin’s Record-High Value

Bitcoin recently reached an all-time high of $108,000, fueled by optimism surrounding Trump’s support for the cryptocurrency industry. His campaign focused on implementing crypto-friendly regulations, aligning with the aspirations of key players in the blockchain and digital assets sector.

Smith highlighted the potential benefits of government oversight to ensure transparency while supporting the growth of the industry. “We want a government with oversight to ensure there aren’t conflicts of interest and that things are running smoothly,” she said.

Crypto-Friendly Policies Under Trump

Trump has advocated for turning the U.S. into a global crypto hub. At the Bitcoin 2024 Conference, he assured the crypto community that regulations would favor the industry. “The rules will be written by the people who love your industry, not hate it,” he said.

Recent developments, such as the approval of spot Bitcoin ETFs and discussions about establishing a U.S. Bitcoin reserve, have further fueled excitement among investors and financial institutions.

Smith added that increased awareness and advice from retail financial advisors are likely to attract new investors to Bitcoin.

Looking Ahead

While Bitcoin’s future under Trump’s administration seems promising, the specifics of his regulatory framework remain unclear. Industry leaders like Smith remain optimistic, viewing this as an opportunity to cement the U.S. as a global leader in cryptocurrency.